SK Telecom to leverage blockchain for authentication and payments

Tuesday 24 April 2018 | 01:14 PM
CET

South Korean telco SK Telecom has announced plans to adopt blockchain in subscriptions and payments to increase customer convenience, according to ZDnet.

The company will launch a blockchain-based digital real-name authentication program to simplify subscriptions and verification processes for its services. It is also preparing an asset management service for customers that will allow peer-to-peer (P2P) trading of high value items.

Moreover, the telco also plans to roll out a token exchange hub project that will help startups and SMEs commence ICOs transparently and safely. South Korea's largest wireless carrier formed a blockchain unit in 2017 to find new businesses opportunities.

However, the country imposed new regulations on cryptocurrency after trading overheated earlier in 2018, the online publication added. Korea bans minors, foreigners, and the anonymous from trading. ICOs are also banned locally.